Kiril Sokoloff interviews Joey Krug, co-CIO of Pantera Capital, the first money manager in the crypto space, now managing about $5 billion in the digital assets space. Pantera's performance has been excellent. Collectively, their eight venture and hedge funds have generated an IRR of 128% in the past eight years. Krug discusses the regulatory outlook on digital assets, the jurisdictions likely to emerge as a go-to place for the tokenization of traditional financial assets, and why the recent sharp correction in crypto is bullish. He also tells us why the “terminal” price of bitcoin could be as high as $700,000 and why he is so excited about DeFi. In Krug's words, "It's the first time someone's building new financial rails. This current system is broken and we have to build a new one. Something like this happens only every couple of hundred years." And he thinks, "DeFi is only 4% of the cryptocurrency market cap and that there's no reason why it shouldn't be 25%, or 30%, or even higher long-term." Krug also discusses why he believes more of Wall Street has come to like crypto than oppose it, the future of NFTs, central bank digital currencies, risk management, the weighting between bitcoin and Ethereum, and the best sources of information on crypto. Finally, he comments on the coming deflationary events that could vault the price of Ethereum much higher.